Frequently Asked Bankruptcy Questions

You may be curious as to whether you can file for bankruptcy a second time to reutilize this financial relief. With certain restrictions, you will be able to file more than once. You can apply for a Chapter 7 bankruptcy twice if a period of eight years has elapsed between bankruptcies. If you previously filed for a Chapter 13 bankruptcy, you can file for a Chapter 7 bankruptcy after 6-year lapse. A Chapter 13 bankruptcy can follow a Chapter 7 bankruptcy if there is at least a 4-year gap. Chapter 13 bankruptcies can be repeated within 2 years of one another.

Filing for bankruptcy is a difficult legal process. You can hire a bankruptcy attorney from our firm to help you resolve the complex issue and reduce your own stress. By working with an experienced bankruptcy lawyer, we can make sure that you are taking the rights steps.

If you have any questions or concerns, these can be answered in as efficient manner as possible. Furthermore, your Indianapolis bankruptcy lawyer can represent you at the hearing before the bankruptcy trustee or judge. We can also help cease any creditor abuse or harassment actions that are committed against you. Above all, we can pursue for your best interest and help you get your finances resolved.

Providing that you are current on the car payments and the vehicle is insured, we can list your intention as "reaffirm," and you will continue to make your regular monthly payments. Doing so may allow you to keep possession of the vehicle.

If you wish to surrender the vehicle because you are not able to afford the payments, this can be accomplished through bankruptcy. Through this process, your car loan lender will retain possession of the vehicle, but you will not be liable for any deficiency.

Bankruptcy can stop foreclosure. In a Chapter 13 repayment plan, you can keep your home by paying your arrears in full through a plan payment. In a Chapter 7, the automatic stay will temporarily prevent foreclosure, providing you with time to catch up on your mortgage payments. If you are at risk of losing your home, bankruptcy may be a powerful solution which can prevent that devastating effect of debt.

Bankruptcy helps debtors who cannot satisfactorily repay loans and are now facing wage garnishment, car repossession, or foreclosure. Bankruptcy can eliminate debts including credit card bills and medical expenses. Debt discharge can dramatically improve their financial state and quality of life. Disadvantages also exist, however. A Chapter 7 bankruptcy will appear on your credit report for 10 years and in a successful Chapter 13, it will remain for 7 years.

Advantages outweigh the disadvantages, however. If your credit score is already severely damaged, bankruptcy may in fact improve your credit score. Many individuals report that they are surprised by the ease of obtaining credit after a successfully completed bankruptcy filing.

Bankruptcy can be considered when the following criteria are met:

• The total amount of unpaid bills makes it unlikely for repayment to occur
• A secured creditor is threatening foreclosure or repossession
• An unsecured creditor has commenced or threatened a lawsuit
• Creditors are making harassing calls to collect unpaid debts
• The debtor's credit report is irrevocably damaged
• Wage garnishment or a judgment has been issued

If you owe a large amount of debt, you may still possess the right to protect important assets, including your home, personal property, and money in bank accounts. Property that can be protected is called "exempt property," which means that you will not lose property in your bankruptcy if the total property value is less than the exemption amount. Many clients do not lose their assets.